SPX Observations
The SPX is in a confluence zone where price seems to have trouble getting over. Price has run into its monthly channel that started in 1982. The last time price kissed its upper channel in 2000 price was rejected and it seems like price is being rejected again. Using the highs of 1987 as an anchor price is trading in another gann sq similar to 2000 and 2007 highs. Also fibbing from the 1987 lows to 2000 highs, price is hitting its -0.236 & -0.272 resistance zone. The 61.8 fib fan is also acting as resistance as did the -0.113 acted as support at the 2009 lows. In order for price to go higher, it will have to get enough momentum to clearly break this zone. With Summer just around the corner, the momentum might not be there. I Would not be surprised if the 2000 and 2007 highs resistance (1550/30) was tested as support on a good correction.
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